Australian stocks are getting smashed

The Australian market dropped hard for the second session in a row with investors seeing less chance of an interest rate cut and a stronger dollar meaning less international revenue for exporters.

On Wall St, the S&P 500 closed up 0.3%. The Australian dollar is back above 80 cents US after weak consumer confidence data was released in America.

On the local market, all ten sectors were down with technology stocks leading the fall. Computershare was down 2.75% to $12.36.

All the banks were weaker, led by NAB, down 1.67% to $37.74, and Westpac 1.56% to $37.79. In other financial stocks, AMP was down 2% to $6.56.

Among resources, Fortescue was down 4.67% to $2.335 and Woodside Petroleum 1.12% to $35.18.

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